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All Journal Jurnal Pendidikan Ekonomi (JUPE) Ulul Albab: Jurnal Studi Islam Jurnal Ekonomi Modernisasi An-Nisbah: Jurnal Ekonomi Syariah Al-Amwal : Jurnal Ekonomi dan Perbankan Syari\'ah Perisai : Islamic Banking and Finance Journal al-Uqud : Journal of Islamic Economics Fokus Ekonomi Dinamis : Journal of Islamic Management and Bussiness Owner : Riset dan Jurnal Akuntansi MALIA Khatulistiwa: Journal of Islamic Studies TSAQAFAH Nizham Journal of Islamic Studies Amwaluna Jurnal Ekonomi dan Keuangan Syariah At-tijaroh: Jurnal Ilmu Manajemen dan Bisnis Islam Al-Masharif: Jurnal Ilmu Ekonomi dan Keislaman ECOPLAN : JOURNAL OF ECONOMICS AND DEVELOPMENT STUDIES Profit : Jurnal Kajian Ekonomi dan Perbankan Syariah Jurnal Ekonomi Manajemen Sistem Informasi Community Engagement and Emergence Journal (CEEJ) Oeconomicus Journal of Economics Airlangga International Journal of Islamic Economics and Finance Ekonomica Sharia: Jurnal Pemikiran dan Pengembangan Ekonomi Syariah Jurnal Investasi Islam MUSLIMPRENEUR : Jurnal Ekonomi dan Kajian Keislaman Balance: Journal of Islamic Accounting el-Jizya: Jurnal Ekonomi Islam Jurnal Teknologi dan Manajemen Industri Terapan Abadi: Jurnal Ahmad Dahlan Mengabdi International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC) Indonesian Economic Review IIJSE International Journal of Islamic Economics (IJIE) An-Nisbah: Jurnal Ekonomi Syariah Journal of Islamic economics Perspectives (JIEP) Balance: Journal of Islamic Accounting Al-Intaj : Jurnal Ekonomi dan Perbankan Syariah Interdisciplinary Journal of Advanced Research and Innovation Jurnal Kajian Ekonomi dan Perbankan Syariah Jurnal Ekonomi, Manajemen, Akuntansi Journal of Economic and Business Journal of Shariah Economics
Rokhmat Subagiyo
Universitas Islam Negeri Sayyid Ali Rahmatullah
Religion Arts Humanities Computer Science & IT Control & Systems Engineering Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Health Professions Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Determinants of Welfare from an Islamic Perspective: Economic Growth, Income, and Employment on Welfare Ahmada, Muhamad Agus Alfiyan Nur; Syamsiyah, Siti Itsna; Hidayah, Arifah Rohmatul; Subagiyo, Rokhmat; Aswad, Muhammad
Community Engagement and Emergence Journal (CEEJ) Vol. 6 No. 6 (2025): Community Engagement & Emergence Journal (CEEJ)
Publisher : Yayasan Riset dan Pengembangan Intelektual

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37385/ceej.v6i6.9616

Abstract

This study aims to analyze the influence of economic growth, income, and employment on welfare in Indonesia in 2023. The research is motivated by the mismatch between increasing economic growth and equitable distribution of welfare, as well as inconsistencies in previous research findings regarding the effects of macroeconomic variables on welfare. A quantitative methodology is employed in this study, using secondary data obtained from the Central Bureau of Statistics (BPS). The population consists of 34 provinces in Indonesia in the 2023 period. Multiple linear regression is employed as the analytical method to evaluate the research hypotheses. The results show that simultaneously, economic growth, income, and employment have a positive and significant effect on welfare in Indonesia in 2023. Partially, economic growth has a negative and insignificant effect on welfare in Indonesia in 2023. Income has a positive but insignificant effect on welfare in Indonesia in 2023. On the other hand, employment has a positive and significant effect on welfare in Indonesia in 2023. These findings indicate that improvements in public welfare are more influenced by employment stability and productivity rather than economic growth and income, as the distribution of the latter is not necessarily equitable.
The Effect of Political Risk and Economic Stability on Foreign Direct Investment Flows in Asean-6 Irtifa Umi Azizah; Muhammad Aswad; Rokhmat Subagiyo
Ecoplan Vol 8 No 2 (2025)
Publisher : Jurusan Ilmu Ekonomi dan Studi Pembangunan Fakultas Ekonomi dan Bisnis Universitas Lambung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20527/ecoplan.v8i2.1244

Abstract

This study analyzes the influence of political risk and economic stability on Foreign Direct Investment (FDI) inflows in six ASEAN countries (Indonesia, Malaysia, Singapore, the Philippines, Thailand, and Vietnam) during the period 2013–2023. A quantitative approach with a panel data regression method was employed, where the dependent variable is FDI inflows (in million USD), while the independent variables consist of control of corruption as an indicator of political risk, and GDP and inflation as indicators of economic stability. Data were obtained from the World Bank, IMF, and Worldwide Governance Indicators (WGI). The regression model was selected based on the Chow and Hausman tests, and the analysis was conducted using EViews software. The results show that control of corruption has a positive and significant effect on FDI, emphasizing the importance of good governance and anti-corruption efforts in building investor confidence. GDP also has a positive and significant effect on FDI, reflecting the role of strong economic growth as a major attraction for foreign investors. Meanwhile, inflation has no significant effect on FDI, indicating that investors tend to prioritize factors such as policy stability, infrastructure quality, and institutional effectiveness over short-term price fluctuations. From a policy perspective, the findings suggest that ASEAN countries should strengthen governance quality and foster a transparent investment environment free from corruption to enhance foreign capital inflows. In addition, governments need to maintain macroeconomic stability through effective fiscal and monetary coordination while improving infrastructure and human capital development to attract sustainable long-term investments.
Philosophy of Markets and Price Theory in Islamic Economics: a Multidisciplinary Perspective Anis Sumadi, Mohammad; Subagiyo, Rokhmat; Khudhory, Ahmad; Adi Putra, Silachi Agusta; Zainal Abidin, Ahmad; Qosim, Ahmad
Journal of Islamic Economics Perspectives Vol. 7 (2025): Journal of Islamic Economics Perspectives - Special Issue
Publisher : Faculty of Islamic Economics and Business, State Islamic University of  Kiai Haji Achmad Siddiq Jember, Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35719/n1z2qe82

Abstract

This study critically re-examines the philosophical foundations of market and price theory in Islamic economics through a multidisciplinary integration of psychology, Islamic jurisprudence (fiqh siy?sah), and sociology. Psychology elucidates how motivation, perception, and decision-making are shaped by Islamic values, while fiqh siy?sah provides the legal and normative framework that ensures justice, ethical conduct, and compliance with Islamic law in regulating market mechanisms. Sociology complements these perspectives by explaining how social structures, cultural norms, and collective behavior influence market interactions. Through this synthesis, the study constructs a holistic framework that transcends the technical dimensions of conventional market theory by embedding moral, social, and behavioral ethics into economic analysis. Using a literature-based narrative method, this research integrates the epistemological strengths of each discipline without diminishing their distinct paradigms. The novelty lies in offering a unified model of Islamic market analysis that incorporates moral reasoning, social dynamics, and behavioral psychology into price determination and market equilibrium. Findings reveal that this multidisciplinary approach enriches theoretical and practical understanding of markets as both economic and moral institutions, balancing efficiency with justice and social responsibility. The study concludes that integrating ethical, psychological, and sociological dimensions leads to a more comprehensive and equitable model of Islamic market behavior, contributing to the advancement of Islamic economic theory, value-driven research methodologies, and sustainable policy design aligned with the maq??id al-shar??ah—the higher objectives of Islamic law.
Pengaruh Media Sosial, FOMO (Fear of Missing Out) dan Pendapatan terhadap Perilaku Konsumtif Generasi Z di Kabupaten Tulungagung Putri Vella Meliyanti; Rokhmat Subagiyo; Ummu Sholihah
Jurnal Ekonomi Manajemen Sistem Informasi Vol. 7 No. 3 (2026): Jurnal Ekonomi Manajemen Sistem Informasi (Januari - Februari 2026)
Publisher : Dinasti Review

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/jemsi.v7i3.7392

Abstract

Perkembangan teknologi digital yang pessat dan penggunaan media sosial yang luas telah menghasilkan perubahan besar dalam cara generasi Z mengkonsumsi. Pajangan konten terhadap gaya hidup, promosi oleh influencer, serta tren yang viral mendorong lahirnya perilaku konsumtif yang semakin menguat. Penelitian ini bertujuan untuk mempelajari dampak media sosial, Fear of Missing Out (FOMO), dan pendapatan terhadap perilaku belanja Gen Z di kabupaten Tulungagung. Metodologi yang digunakan dalam penelitian ini adalah pendekatan kuantitatif dengan melakukan survey terhadap 90 orang responden dari Gen Z. Analisis data dilakukan menggunakan regresi linier berganda dengan bantuan SPSS. Temuan dari penelitian ini menunjukkan bahwa secara keseluruhan, pendapatan, media sosial, dan FOMO mempengaruhi perilaku konsumtif Generasi Z secara signifikan. Akan tetapi, jika dilihat secara terpisah, hanya media sosial yang menunjukkan dampak signifikan terhadap perilaku konsumsi, sementara FOMO dan pendapatan tidak menunjukkan efek yang berarti. Hasil ini menunjukkan pola konsumsi Gen Z, tanpa tergantung pada besarnya pendapatan serta factor psikologi FOMO. Diharapkan penelitian ini dapat memberikan kontribusi positif dalam upaya meningkatkan pendapatan serta merumuskan strategi dalam mengontrol perilaku konsumtif di kalangan Gen Z, khususnya di daerah yang sedang mengalami laju digitalisasi yang cepat.
Analysis of the Influence of Social Media Influencers and Sharia Investment Galleries on the Investment Interest of Sharia Economics Students in the Capital Market   Ashlihah, Ashlihah; Darajat Mahmudi; Mei Santi; Rokhmat Subagiyo; Agus Eko Sujianto
MALIA: Jurnal Ekonomi Islam Vol 17 No 1
Publisher : Department of Islamic Economics, Faculty of Islamic Religion, Yudharta University Pasuruan, East Java, Indonesia.

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35891/zbccdq92

Abstract

Introduction: Investment interest in the sharia capital market among Islamic economics students is an important aspect of strengthening Islamic financial inclusion. In the digital era, social media influencers are considered capable of shaping students’ perceptions and financial decisions, while Islamic investment galleries function as educational facilities that introduce sharia capital market instruments. This study aims to analyze the influence of social media influencers and Islamic investment galleries on the investment interest of Islamic economics students at KH. A. Wahab Hasbullah University Tambakberas Jombang. Methods: This study employed a quantitative approach with a survey method involving 65 active students selected as respondents. Data were collected through a Likert-scale questionnaire distributed via Google Forms and analyzed using multiple linear regression with the assistance of SPSS 26. Hypothesis testing was conducted through instrument tests, classical assumption tests, t-tests, and F-tests. Results: The findings indicate that partially, social media influencers have a positive and significant effect on students’ investment interest, and Islamic investment galleries also have a positive and significant effect. Simultaneously, both variables significantly influence students’ investment interest in the capital market. Conclusion and suggestion: Social media influencers and Islamic investment galleries are important factors in increasing students’ investment interest. Therefore, optimizing digital financial literacy through credible influencers and strengthening the role of Islamic investment galleries as educational and practical investment laboratories are recommended to enhance students’ participation in the sharia capital market.
Dynamic Causality Relationship between Bitcoin and Global Islamic Equity Markets: A Pre- and Post-COVID-19 VECM Analysis Dhani, Rifqi Rama; Oktaviana, Helmalia; Sulistiyah, Sulistiyah; Subagiyo, Rokhmat; Aswad, Muhammad
Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE) Vol 9 No 1 (2026): Sharia Economics
Publisher : Universitas KH. Abdul Chalim Mojokerto

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

This study explores the dynamic interactions between Bitcoin (BTC), the Dow Jones Islamic Market Index (DJIMI), and the FTSE SGX Shariah 100 Index (FTSGS100) from 2015 to 2025, employing the Vector Error Correction Model (VECM) to analyze both short- and long-term relationships. The Johansen cointegration test indicates a long-term equilibrium among the three variables, with DJIMI showing a stronger connection to Bitcoin compared to FTSGS100. In the short run, Bitcoin exhibits a strong response to its own shocks, whereas the Sharia indices are more stable and less responsive to short-term fluctuations in Bitcoin’s volatility. The findings underscore the weak integration between global Sharia equity markets and digital assets, positioning Bitcoin as a speculative asset largely independent of Sharia-compliant markets. These results suggest the importance of enhanced risk management and portfolio diversification strategies for investors navigating the rapidly changing financial landscape. Additionally, this research enhances our understanding of the interactions between cryptocurrency markets and traditional financial markets, particularly Sharia-compliant indices, during times of global financial uncertainty.
Realization of Zakat as A Form of Social Justice in the Perspective of Muhammad Iqbal Reni Waningsih; Rokhmat Subagiyo; M. Aqim Adlan
Interdisciplinary Journal of Advanced Research and Innovation Vol. 2 No. 2 (2024): Interdisciplinary Journal of Advanced Research and Innovation
Publisher : Ravine Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58860/ijari.v2i1.43

Abstract

The problem that occurs in the distribution of zakat is poverty data, which can hinder the process of zakat distribution, causing individuals who are not eligible to receive zakat to feel a lack of social justice. Social justice in Islam, especially through the concept of zakat, is a crucial focus for Muhammad Iqbal. Zakat is not just a ritual obligation but also an instrument to reduce social injustice and strengthen societal solidarity. Iqbal sees it as a practical step to create a more just and balanced society, viewing zakat as a moral and social foundation. This writing aims to explore the realization of zakat as a manifestation of social justice from the perspective of Muhammad Iqbal. The research approach used in this study is qualitative, employing a literature review method to gather data from various sources such as books such as the book “Introduction to Islamic Economics and History of Islamic Economics”, and International journals, sinta 2 and sinta 5, which are relevant to the research as well as other sources that can support the research. The method used in this research involves the analysis of several articles. The results of the research indicate that, according to Muhammad Iqbal, zakat is not only a religious obligation but also a tangible tool for creating a more humane society with social justice.
The Ethical Concept of Production and Distribution in Islamic Economics from the Perspective Of M. N. Siddiqi Febintha Sistyamurti; Rokhmat Subagiyo; M. Aqim Adlan
Interdisciplinary Journal of Advanced Research and Innovation Vol. 2 No. 2 (2024): Interdisciplinary Journal of Advanced Research and Innovation
Publisher : Ravine Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58860/ijari.v2i1.44

Abstract

Islamic economics attempts to regulate human economic activities based on Sharia principles sourced from the Qur'an and Al-hadith. In Islam, human activities are not only assessed as worldly but also spiritually assessed or must think about life in the hereafter, including economic activities. MN Siddiqi focuses his thoughts on economic activities, namely, production, distribution, and takaful. This study aims to determine the concept of production and distribution ethics in Islamic economics from the perspective of M.N. Siddiqi by using a qualitative approach and library research in the form of books, journal literature, and other research results relevant to this research. Based on the results of the study, production, and distribution are activities whose main purpose is to meet the needs of all mankind. In Islamic economics, there is the concept of Islamic economic ethics so that production and distribution activities do not deviate from the main objectives. According to Muhammad Nejatullah Siddiqi, if the ethics of production and distribution are carried out honestly and fairly, it will have a good impact on the Islamic economy in its efforts to meet the needs of all people.
Implementation of Shopeee E-Commerce Business Ethics Based on Maqashid Al-Syari'ah: Abu Ishaq Asy-Syathibi's Thoughts Rizma Denytasari; Rokhmat Subagiyo; M. Aqim Adlan
Interdisciplinary Journal of Advanced Research and Innovation Vol. 2 No. 2 (2024): Interdisciplinary Journal of Advanced Research and Innovation
Publisher : Ravine Publisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58860/ijari.v2i1.45

Abstract

The concept of Maqashid al-Syari’ah is very important to apply in the context of e-commerce business ethics because the concept of Maqashid al-Syari’ah directs business actions not only to focus on gaining profits but also to pay attention to sustainability and balance in important aspects of life. This research aims to examine the application of Shopee's e-commerce business ethics based on Maqashid al-Syari’ah according to Ash-Syathibi's thought. This research uses a qualitative approach using library research methods. Namely, data is collected by reviewing books and journals that are appropriate to this research, using the phenomenological method, namely data mining that discusses the specifics of this research, and also relies on critical analysis of primary and secondary sources related to this research. The results of this research are that business ethics based on Maqashid al-Syari’ah, according to Asy-Syathibi's thoughts, has a good impact on the sustainability of Shopee's business. By maintaining customer trust and implementing rules in accordance with Maqashid al-Syari’ah, Shopee is increasingly developing and being trusted by the public as a safe and trustworthy e-commerce platform. Apart from that, by maintaining a professional attitude and implementing five basic things that must be adhered to by all sellers, Shopee also provides a good example of running a business based on business ethics that are in accordance with Maqashid al-Syari’ah.
Penanaman Modal Asing dan Keterbukaan Perdagangan Terhadap Pertumbuhan Ekonomi Indonesia Tahun 2015-2024 M. Nashrullah; Resty Abdillah Paryanda; Lina Trisnawati; Rokhmat Subagiyo; Muhammad Aswad
JOURNAL OF SHARIA ECONOMICS Vol. 4 No. 2 (2022): Journal of Sharia Economics
Publisher : Program Studi Ekonomi Syariah, Fakultas Ekonomi dan Bisnis Islam, Universitas Al Hikmah Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35896/jse.v4i2.1181

Abstract

This study applies a multiple linear regression model. The results of the study show that simultaneously, FDI and Trade openness are proven to contribute positively and significantly to Economic Growth with a calculated F value of 7.985 > F table 5.318 and a Sig. value of 0.016 < 0.05. However, partial analysis shows that FDI, although showing a positive direction, does not have a significant influence on economic growth with a calculated T value of 1.913 > T table 1.860 and Sig. 0.097 > 0.05. In contrast, Trade Openness has a positive and statistically significant impact with a calculated T value of 3.933 > T table 1.860 and Sig. 0.006 < 0.05. With the model's ability to explain 60.8% of the variation in Economic Growth, this study implies that Trade Openness currently plays a more dominant and stable role than FDI in driving the Indonesian economy. These findings have policy implications: the government needs to balance foreign investment promotion strategies with strengthening the domestic export structure and increasing national industrial capacity to ensure a more productive impact of FDI. Future research is recommended to expand the variables to include factors such as institutional quality, political stability, and the ease of doing business index to obtain a more comprehensive picture.
Co-Authors Achmad Syaichoni Adi Putra, Silachi Agusta Adlan, M. Aqim Agus Eko Sujianto Ahmad Ajib Ridlwan Ahmad Budiman Ahmad Qosim Ahmad Syaichoni Ahmada, Muhamad Agus Alfiyan Nur Ahsan, Muhamad Aina Izzati Zuhria Anita Febriani Anton Sudrajat Ashlihah, Ashlihah Azizah Shodiqoh Rafidah Azizurrahman Nashrullah Binti Mutafarida Binti Nur Asiyah Budi Kolistiawan Burhan Djamaluddin Chamidi, Achmad Luthfi Chamidi Darajat Mahmudi Deris Lazuardi Desta, Sri Yulfa Dhani, Rifqi Rama Domastuti, Putri Dwi Astuti Wahyu Nurhayati Endar Dwi Rahayu Eylen Jisan Fitriangga Fathur Rohman Albanjari Fauzan Fauzan . Fauzan Fauzan Fauziah Durotul Masruroh Febintha Sistyamurti Febrianto, M. Nanang Haqqiquddin Rokhmatulloh, Muhammad Raisa Heru Setyowiyono Hidayah, Arifah Rohmatul Husnul Haq, Husnul Indah Kusumawati Irtifa Umi Azizah Jusuf Bachtiar Khudhory, Ahmad Lestari, Lisa Yuni Lina Trisnawati M. Aqim Adlan M. Aqim Adlan, M. Aqim M. Nashrullah Mashudi Mashudi Mei Santi Mohammad Anis Sumadi Muhamad Ahsan Muhammad Aqim Adlan Muhammad Aswad Muhammad Khoirul Malik Mutafarida, Binti Neni Utami Novi Tri Oktavia Oftafiana, Triya Oktaviana, Helmalia Putri Vella Meliyanti Putri, Amilia Qomarul Huda Reni Waningsih Resty Abdillah Paryanda Rini Fitriani Rizkyaningrum, Adinda Agustinayu Rizma Denytasari Samsul Huda Sarirotul &#039;Alim Sarirotul 'Alim Shoidah, Nadia Nadhirotus Shomad VEA, Moh. Ali Abdul Sulistiyah Syaichoni, Achmad Syamsiyah, Siti Itsna Ummu Sholihah Usdeldi, Usdeldi Wartoyo Wartoyo Wiyani, Silva Zainal Abidin, Ahmad